WHAT TO CON­SIDER BE­FORE BUY­ING SHORT-TERM HEALTH INSURANCE

Finweek English Edition - - COVER STORY -

HERE ARE SOME PRAC­TI­CAL IS­SUES you should con­sider when choos­ing short-term insurance – gap cover or top up cover – to suit your pocket and health-risk pro­file.

Boshoff says that the first thing one should con­sider is the med­i­cal scheme op­tion, any co-pay­ments that may come with it, and how their provider net­works are set up. “If you don’t have the means to cover the co-pay­ments, if it hit you at an inop­por­tune time, you may con­sider gap cover. If your spe­cial­ist is on the net­work of the med­i­cal scheme, then a gap prod­uct will be of less value to you. You also need to con­sider the ac­tual gap prod­uct and read through the fine print.”

Dilot­sotlhe says that per­sonal cir­cum­stance, such as pre­mium af­ford­abil­ity, lives cov­ered, spe­cial­ist charge ver­sus cover level of­fered, Ma­jor Med­i­cal cover (that your op­tion pro­vides), in­come loss or ex­penses in­curred (if you get hos­pi­talised) would be im­por­tant to con­sider.

Boshoff ex­plains: “If pre­scribed min­i­mum ben­e­fits (PMBs) are not cov­ered by the short-term insurance prod­uct, you will have far less ben­e­fit from the prod­uct than you think you do, so en­sure that PMBs are in­cluded.”

“Make sure that you un­der­stand what is in it for the bro­ker, if he/she shares in the profit of the prod­uct (which is not pos­si­ble with med­i­cal schemes), then chances are that you will be talked into some­thing that you pos­si­bly don’t re­quire, so then look a bit more closely,” says Boshoff.

Dilot­sotlhe says that med­i­cal gap cover per month will cost be­tween around R100 to R150. Boshoff adds that each prod­uct will have unique fea­tures so the pric­ing range de­pends very much on the ben­e­fits in­cluded. “Most in­sur­ers will give you a quote, so make sure that you do your home­work be­fore you buy and re­quest quotes from a va­ri­ety of in­sur­ers,” he cau­tions.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.